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Thai furniture and auto upholstery leather tanner, Interhides Ltd (IHL) expects sales of leather car upholstery to reach between Bt2.2 billion (US$66 million) and Bt2.3 billion (US$69 million) in 2014 in line with the projected growth of the auto, footwear and furniture markets in Thailand and the Asean region.
Ong-Art Damrongskulwong, President and Managing Director of IHL, said on January 6 that weakened economic growth and the domestic political situation had slowed auto sales last year.
IHL expects operating results for the fourth quarter of 2013 to improve over third-quarter sales of Bt404.73 million (US$12.2 million) and net profits of Bt36.36 million (US$.1.1 million), especially with carmakers launching promotional campaigns to boost sales.
The company's figures for the first nine months of 2013 were Bt1.37 billion (US$41 million) in sales and Bt152.04 million (US$4.6 million) in net profits.
IHL admits the sales target for this year is ambitious, but it is confident it can achieve them as the domestic auto industry is improving. Toyota has said it is planning to ramp up output by 10% this quarter. IHL feels it is important to maintain last year's profit margin of 21-22%.
Source: The Nation